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Direct Method
The direct method in cost accounting allocates service department costs directly to producing departments without attempting to apportion them among service departments.
First-In, First-Out Method
An inventory valuation method where the earliest items purchased or produced are the first to be sold, affecting the cost of goods sold and inventory valuation.
Costs Accounted For
Total costs that have been recognized and recorded within a specific accounting period.
Ending Work in Process Inventory
The value of partially completed goods at the end of an accounting period.
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